United Kingdom: Power Tool Market 2024

Power Tool Market Size in the UK

In 2021, the UK power tool market increased by 618% to $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption enjoyed prominent growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Power Tool Production in the UK

In value terms, power tool production expanded notably to $X in 2021 estimated in export price. In general, production saw a dramatic contraction. The pace of growth appeared the most rapid in 2019 when the production volume increased by 82%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Power Tool Exports

Exports from the UK

After seven years of growth, overseas shipments of power tools decreased by -81.3% to X units in 2021. In general, exports, however, posted a temperate increase. The pace of growth appeared the most rapid in 2019 with an increase of 162%. The exports peaked at X units in 2020, and then fell rapidly in the following year.

In value terms, power tool exports skyrocketed to $X in 2021. Overall, exports, however, recorded a buoyant increase. The pace of growth appeared the most rapid in 2020 with an increase of 27% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Germany (X units), Ireland (X units) and the Netherlands (X units) were the main destinations of power tool exports from the UK, with a combined 53% share of total exports. These countries were followed by Austria, Spain, Estonia, Poland, the United States, Belgium, France, Russia, Denmark and Romania, which together accounted for a further 40%.

From 2012 to 2021, the biggest increases were recorded for Russia (with a CAGR of +71.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for power tool exported from the UK were Ireland ($X), the Netherlands ($X) and Germany ($X), with a combined 49% share of total exports. These countries were followed by Austria, Poland, Russia, Estonia, Belgium, France, Denmark, Spain, the United States and Romania, which together accounted for a further 34%.

Among the main countries of destination, Russia, with a CAGR of +72.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average power tool export price amounted to $X per unit, jumping by 579% against the previous year. In general, the export price showed resilient growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Spain ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ireland (+9.1%), while the prices for the other major destinations experienced more modest paces of growth.

Power Tool Imports

Imports into the UK

Power tool imports into the UK surged to X units in 2021, jumping by 19% compared with the previous year's figure. Overall, total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +9.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +130.2% against 2012 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 25% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, power tool imports soared to $X in 2021. In general, imports saw a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest power tool supplier to the UK, accounting for a 70% share of total imports. Moreover, power tool imports from China exceeded the figures recorded by the second-largest supplier, Hungary (X units), more than tenfold. Romania (X units) ranked third in terms of total imports with a 4.7% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +9.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Hungary (+14.9% per year) and Romania (+22.0% per year).

In value terms, China ($X) constituted the largest supplier of power tools to the UK, comprising 61% of total imports. The second position in the ranking was taken by Romania ($X), with an 8% share of total imports. It was followed by Germany, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +11.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+31.6% per year) and Germany (+0.5% per year).

Import Prices by Country

The average power tool import price stood at $X per unit in 2021, increasing by 21% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the Czech Republic ($X per unit), while the price for the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Romania (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :